<\/p>\n
Barclays has a stake in Copper, one of the biggest names in the rapidly evolving cryptocurrency sector, even as the industry continues to be rocked by a series of bankruptcies.<\/p>\n
Sky News has learned that the UK-based bank is among a number of new investors joining a funding round for Copper, which has former chancellor Lord Hammond among its advisers.<\/p>\n
City sources said Barclays was expected to invest a relatively modest sum in the millions of dollars as part of the round.<\/p>\n
Fundraising is expected to be completed in a few days.<\/p>\n
Copper provides custody, prime brokerage and settlement services to institutional investors who deploy money in crypto assets.<\/p>\n
The company, founded by Dmitry Tokarev in 2018, has attracted investors from big names in the global venture capital industry, including LocalGlobe, Dawn Capital and MMC Ventures.<\/p>\n
It was reported earlier this year that it was aiming for a valuation of at least $3 billion in its latest capital raise, but has since lowered that, reflecting the growing crisis in the broader crypto-asset sector.<\/p>\n
Several major market participants, including Three Arrows Capital and Celsius, have filed for bankruptcy in recent weeks, undermining confidence in the industry’s previously meteoric growth.<\/p>\n
Copper has also become frustrated with the approach of UK financial regulators, prompting it to set up a hub in Switzerland.<\/p>\n
Barclays and Copper declined to comment.<\/p>\n